10 things you should know about new NTPC CMD Gurdeep Singh

GURDEEP Singh, managing director of Gujarat State Electricity Corporation Limited (GSEC), has been appointed as chairman and managing director of country’s largest power utility National Thermal Power Corporation (NTPC). The post of CMD at NTPC fell vacant after Arup Roy Choudhury was denied an extension of service in August.
Choudhury completed his five year term on 31 August last year. He was appointed as head of India’s largest power producer by the UPA government in September 2010 for five years, which was extendable till he attains retirement age of 60 years.
Here are ten key things we should know about Gurdeep Singh...

1. Gurdeep Singh is taking charge at a crucial time when NTPC is expanding beyond conventional power generation to solar power and allied businesses. NTPC is undergoing restructuring of its several divisions – the largest ever since its inception.
2. Lower gross generation has led NTPC Ltd to a 19 per cent drop in net profit for the third quarter of fiscal 2015-16. Net profit for the quarter stood at ₹2,492.87 crore as compared to ₹3,074 crore in the same quarter last year.
3. A turnaround man, Singh was instrumental in GSEC's revival, the power generation entity of the Gujarat government. There were over 100 candidates in the fray for the top job in NTPC.
4. "PM Modi himself picked up Gurdeep Singh because he wants to put the power sector on track as part of his ambitious plan to electrify all villages," said a senior official involved in the appointment process.
5. 51-year-old Singh will be the first person to be appointed to the top job at a Maharatna company through a search committee route.
6. The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi has approved the appointment of Singh for a period of five years from the date of assumption of charge of the post.
7.Singh was selected after the Committee headed by PESB chairman Ajit Seth interviewed eight shortlisted candidates out of a list of 24 who had applied for the job. Among those considered in reckoning for the job were Rural Electrification Corporation chairman Rajiv Sharma, Praveer Sinha, the chief executive of Tata Power Delhi Distribution Company, Aman Singh, principal secretary to the chief minister of Chattishgarh, and NTPC’s finance director K.Biswal.
8. The company’s net revenue for the quarter stood at ₹17,413.31 crore, a 7.6 per cent drop over ₹18,857 crore in the same quarter last year.
9. NTPC’s gross generation in the third quarter was 60.787 billion units, 0.91 per cent lower than the same quarter last year.
10. NTPC’s board of directors also agreed to pay an interim dividend at the rate of 16 per cent or ₹1.60 per share. The dividend will be paid on February 15.